PNC Announces Redemption Of 3.250 Percent Senior Notes Due September 3, 2021

Rhea-AI Summary

The PNC Financial Services Group will redeem all outstanding Senior Notes worth $500,000,000 on Aug. 4, 2021. These notes carry a distribution rate of 3.250% and were originally set to mature on Sept. 3, 2021. The redemption price will be $1,000 per $1,000 in principal, plus any accrued and unpaid distributions. Payments will be processed through The Depository Trust Company, reinforcing PNC's commitment to financial stability and investor confidence.

Positive

• Redemption of $500,000,000 Senior Notes reflects financial stability.
• Maintaining strong investor relationships through timely payments.

Negative

• None.

PITTSBURGH, July 22, 2021 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the redemption on Aug. 4, 2021 of all of the outstanding Senior Notes due Sept. 3, 2021 issued by PNC in the amount of $500,000,000 (CUSIP 693475AU9). The securities have a distribution rate of 3.250% and an original scheduled maturity date of Sept. 3, 2021. The redemption price will be equal to $1,000 per $1,000 in principal amount, plus any accrued and unpaid distributions to the redemption date of Aug. 4, 2021. 

Payment of the redemption price will be made through the facilities of The Depository Trust Company.

The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

CONTACTS:                                                                                                                 

MEDIA:                                                                                    
Marcey Zwiebel
(412) 762-4550
media.relations@pnc.com 

INVESTORS:
Bryan Gill
(412) 768-4143
investor.relations@pnc.com 

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SOURCE The PNC Financial Services Group, Inc.

FAQ

When will PNC redeem its Senior Notes?

PNC will redeem its Senior Notes on August 4, 2021.

What is the distribution rate of PNC's Senior Notes?

The distribution rate of PNC's Senior Notes is 3.250%.

What is the total amount of PNC's Senior Notes being redeemed?

PNC is redeeming a total of $500,000,000 in Senior Notes.

When was the original maturity date for PNC's Senior Notes?

The original maturity date for PNC's Senior Notes was September 3, 2021.

How will PNC process the payment for the redeemed Senior Notes?

Payments for the redeemed Senior Notes will be made through The Depository Trust Company.